Group 1 - The domestic gold jewelry price remains stable at 998 CNY per gram as reported by multiple brands [1][5] - Major brands such as Zhou Dasheng, Chao Hong Ji, and TSL maintain their gold jewelry prices at 998 CNY per gram [5] - Other brands like Cai Bai and Zhou Liu Fu have slightly lower prices, with Cai Bai at 989 CNY per gram and Zhou Liu Fu at 978 CNY per gram [5]

Price Trends - Platinum prices have significantly increased by approximately 40% since the beginning of the year, with retail prices for platinum jewelry exceeding 500 RMB per gram [1][2] - The current price for platinum bars ranges from 310 RMB to 330 RMB per gram, with various weights available [1][2] - Despite the rising prices, the recovery price for platinum remains low, generally below 270 RMB per gram, indicating potential losses for immediate resale [2] Market Dynamics - The World Platinum Investment Council suggests that platinum prices are still historically undervalued compared to gold, driven by market fundamentals and investor sentiment [2][3] - The global platinum market is expected to face a supply deficit of 30 tons in 2025, marking the third consecutive year of short supply, with total demand projected to reach 247.7 tons [3] - The demand for platinum in the jewelry sector is anticipated to grow by about 5% due to a recovery in Chinese consumption, while automotive demand is expected to decline by 2% [3] Industrial Applications - Platinum is recognized for its critical role in various industrial applications, particularly in the petrochemical industry and as a catalyst in hydrogen energy systems [4][3] - The unique properties of platinum, such as high melting point and resistance to corrosion, make it valuable in manufacturing high-end chemical vessels and catalysts [2] Investment Considerations - Platinum is increasingly viewed as an alternative investment to gold, especially as gold prices remain high [5] - However, the market for platinum is smaller and less liquid than that of gold, which may pose challenges for investors, particularly regarding purity assessment and recovery market dynamics [4][3]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on June 23, 2025, with a total of 12 investors participating [2] - The event was held in the headquarters meeting room, attended by company representatives including the securities affairs representative [2] Group 2: Key Discussion Topics - Investors engaged in discussions regarding industry conditions, the company's business model, brand matrix, and terminal sales performance [2] - A company showroom was visited during the event, allowing investors to gain insights into the company's offerings [2] Group 3: Compliance and Information Disclosure - The company adhered to the "Information Disclosure Management System," ensuring that all disclosed information was true, accurate, complete, timely, and fair [2] - No significant undisclosed information leaks occurred during the event, and participating investors signed a commitment letter as required by the Shenzhen Stock Exchange [2]

证券代码：002867 证券简称：周大生 公告编号：2025-028 周大生珠宝股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 为 10,452,372 股，占注销前公司总股本的 0.95%，本次注销完成后，公司总股 本由 1,095,926,265 股变更为 1,085,473,893 股。 股份注销事宜已于 2025 年 6 月 20 日办理完成。 一、回购股份的实施情况 公司于 2021 年 6 月 24 日召开第四届董事会第二次会议审议通过了《关于公 司回购部分社会公众股份的议案》，同意使用自有资金以集中竞价交易方式回购 公司部分社会公众股份，用于实施股权激励或员工持股计划，如公司未能在股份 回购完成之后 36 个月内实施上述用途，则公司回购的股份将依法予以注销。本 次回购总金额为 15,000 万元-30,000 万元，回购价格不超过 27.68 元/股（含）， 回购实施期限为自董事会审议通过本次回购方案之日起 12 个月内。具体内容详 见公司于 2021 年 6 月 29 日在巨潮资讯网（www.cninfo.com.cn ...

证券代码：002867 证券简称：周大生 公告编号：2025-028 周大生珠宝股份有限公司 关于回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、周大生珠宝股份有限公司（以下简称"公司"）本次注销的回购股份数量 为 10,452,372 股，占注销前公司总股本的 0.95%，本次注销完成后，公司总股 本由 1,095,926,265 股变更为 1,085,473,893 股。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次回购 股份注销事宜已于 2025 年 6 月 20 日办理完成。 一、回购股份的实施情况 二、本次回购股份注销情况 根据公司《关于回购部分社会公众股份的回购报告书》，公司回购专用证券 账户中的回购股份拟全部用于股权激励计划或员工持股计划，如公司未能在股份 回购完成之后 36 个月内实施上述用途，则公司回购的股份将依法予以注销。为 维护公司价值和股东权益，优化公司资本结构，综合公司目前情况，公司拟将回 购专用证券账户中的 10,452,372 股回购股份全部予以注销，并相应减少公 ...

Core Viewpoint - The new consumption investment trend, driven by潮玩IP, national trend gold, pet economy, and new tea drinks, has gained momentum in 2023, with many new consumption companies seeing stock price increases of over 30% since the second quarter, attracting extensive institutional investor interest [1]. Group 1: New Consumption Companies - Leading new consumption stocks such as 泡泡玛特, 老铺黄金, and 中宠股份 have shown strong performance, with institutional investors conducting multiple research sessions [3]. - 潮宏基 has been researched by 178 institutions three times since mid-April, with a stock price increase of 74.71% in Q2 and 183.42% over the past year. The company plans to expand its brand internationally in 2025 [3]. - 周大生 attracted 216 institutions for 14 research sessions, with new self-operated stores focusing on gold and embedded products [3]. - 新兴珠宝企业曼卡龙 has been researched 16 times by 113 institutions, with a stock price increase of 79.78% in Q2, emphasizing its online capabilities to meet young consumers' preferences [4]. - 中宠股份, a leader in pet food, held two research activities attracting 221 institutions, while 天元宠物 was researched by 45 institutions six times, with a stock price increase of 38.82% in Q2 [4]. Group 2: Investment Logic and Strategy - The unique characteristics of new consumption companies have led fund managers to adjust their strategies, focusing on individual stock research rather than top-down approaches due to the scarcity of listed companies in niche markets [5]. - The research framework for new consumption differs significantly from traditional consumption, emphasizing product strength and consumer-driven purchasing rather than channel power [5]. Group 3: Future Investment Opportunities - Institutions are focusing on new consumption investment opportunities as the year progresses, with 国信证券 identifying seven main lines for investment: digital economy, self-care consumption, emotional value consumption, health economy, convenience economy, alternative economy, and value-driven consumption [6].

Group 1 - Chengjian Development received a dividend of 7.1282 million yuan from Beijing Jingcheng Jiaye Property Co., Ltd., in which it holds a 33.47% stake [1] - Shengnuo Bio expects a net profit attributable to shareholders of 77.0275 million to 94.1448 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10% [1] - JKN2301 dry mixed suspension has been approved for clinical trials, targeting children with influenza [5][6] Group 2 - Jindawei obtained a patent for a method of purifying natto kinase, with a validity of twenty years [2] - CITIC Guoan plans to increase its stake in China Broadcasting Hunan Company to approximately 5.29% through a capital increase of 278 million yuan [2] - Ji Electric announced the resignation of its general manager, Niu Guojun, due to work changes [3] Group 3 - Xintian Green Energy successfully issued 1.5 billion yuan in green medium-term notes with a term of 3+N years and an interest rate of 2.05% [7] - Hengrun Co. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components [9] - Pulaide received a government subsidy of 10 million yuan, accounting for 15.87% of its audited net profit for the last fiscal year [10] Group 4 - Boteng Co. passed the EU QP audit, receiving a compliance statement for its CDMO services [12] - Zhou Dasheng added 7 self-operated stores in May, with total investments ranging from 900,000 to 6.5 million yuan [13] - Wantai Bio initiated a Phase III clinical trial for its live attenuated varicella vaccine [15] Group 5 - Shanghai Pharmaceuticals received a drug registration certificate for Pregabalin capsules in Thailand [19] - Sanxing Medical's subsidiary is expected to win contracts worth approximately 143 million yuan from State Grid projects [21] - Jiangsu Huachen plans to issue 460 million yuan in convertible bonds [24] Group 6 - Jian Gong Repair won a soil pollution remediation project worth 32.76 million yuan [25] - Dize Pharmaceutical completed patient enrollment for a global Phase III clinical trial of its drug [26] - Del Co. received acceptance for its application to issue shares for asset acquisition and raise matching funds [27] Group 7 - Beijing Kerui won multiple power grid projects with a total value of approximately 154 million yuan [27] - Xie Chuang Data signed financing lease contracts totaling 498 million yuan with Su Yin Financial Leasing [28] - Meige Intelligent submitted an application for H-share listing on the Hong Kong Stock Exchange [29][31] Group 8 - Aikodi plans to repurchase shares worth 100 million to 200 million yuan for employee stock ownership plans [54] - Kong Kong Industrial intends to sell 80% of Tianyuan Construction to its controlling shareholder [55] - Youyou Green Energy proposed a cash dividend of 12 yuan per 10 shares, totaling 50.4 million yuan [55]

关于公司 2025 年 5 月份新增自营门店情况简报 证券代码：002867 证券简称：周大生 公告编号：2025-027 周大生珠宝股份有限公司 | 序 | 门店名称 | 所在 | 开设时间 | 经营 | 面积 | 总投资金 | 主要商品 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | 地区 | | 形式 | (m2 ) | 额（万元） | 类别 | | 1 | 周大生国家宝藏东莞民盈国 | 华南 | 2025.5.1 | 专卖 店 | 58.09 | 450 | 素金、镶嵌 | | | 贸专卖店 | | | | | | | | 2 | 周大生国家宝藏佛山王府井 | 华南 | 2025.5.1 | 专卖 店 | 92 | 600 | 素金、镶嵌 | | | 专卖店 | | | | | | | | 3 | 周大生国家宝藏柳州万象城 | 华南 | 2025.5.1 | 专卖 店 | 119 | 620 | 素金、镶嵌 | | | 专卖店 | | | | | | | | 4 | 周大生上海虹桥天地购物中 | 华东 | 2025.5.1 | 联 ...

Group 1: Retail Industry Overview - The retail industry is focusing on three main investment themes for the second half of 2025: strong product momentum, improved operational conditions, and large comprehensive enterprises [7] - The beauty and personal care sector is showing strong performance, with a year-on-year growth of 62.51% in Q1 2025 for companies like Jinbo Biological and 28.01% for Marubi Biological [38] - The jewelry sector is witnessing a shift towards lighter and more affordable gold products, driven by younger consumers and the trend of diversification in the market [7] Group 2: Consumer Confidence and Sales Performance - In the first quarter of 2025, the total retail sales of consumer goods reached 12.47 trillion yuan, with a year-on-year increase of 3.6% [14] - The consumer confidence index showed a recovery trend in early 2025, indicating a positive outlook for retail consumption [14] - The beauty and jewelry categories experienced year-on-year retail sales growth of 5.48% and 8.06% respectively in the same period [14] Group 3: E-commerce and Offline Trends - E-commerce sales showed a mixed performance, with a total sales index of 50.6% in May 2025, reflecting a slight decline compared to previous months [23] - The offline retail market is stabilizing, with a noticeable recovery in shop rental rates, which reached 53.6% in April and May 2025 [29] - The operating space index showed fluctuations but remained stable, indicating a cautious approach to new store openings [29] Group 4: Investment Recommendations - The report recommends focusing on companies with strong product momentum and operational improvements, such as Proya, Giant Biological, and Marubi Biological [62] - The beauty sector is highlighted for its resilience and growth potential, with specific companies recommended for investment based on their strong performance metrics [62] - The medical beauty sector is also emphasized, particularly companies that are expanding their product lines and improving operational capabilities [7][63]

Core Viewpoint - The company Zhou Dasheng (002867) plans to open 6 new self-operated stores by May 2025, indicating an expansion strategy in the retail sector [1] Summary by Category New Store Openings - The new stores include locations in Dongguan, Foshan, Liuzhou, Shanghai, Chongqing, Changsha, and Suining [1] - The total investment for these new stores amounts to 2.86 million yuan, with individual investments as follows: - Dongguan: 4.5 million yuan - Foshan: 6 million yuan - Liuzhou: 6.2 million yuan - Shanghai: 5 million yuan - Chongqing: 900 thousand yuan - Changsha: 3.5 million yuan - Suining: 6.5 million yuan [1]